07:24 AM EST, 02/11/2025 (MT Newswires) -- New Found Gold ( NFGC ) , which gained more than 5% in Canada yesterday, reported Tuesday results from five diamond drill holes completed as part of a step-out program at the Dropkick zone within the Kingsway property in Newfoundland and Labrador.

Results include 89.5 grams per tonne (g/t) gold over 5.85 meters and 26.2 g/t gold over 16.2 meters, a statement noted.

"This initial first-pass program at Dropkick is off to an excellent start and our team is thrilled by this early success," CEO Keith Boyle said. "Results like these are a testament to the strength of the gold mineral system associated with the [Appleton Fault Zone], and this exploration discovery at Dropkick exemplifies one of the reasons that drew me to New Found: the ongoing discovery potential and district-scale growth opportunity."

Kingsway forms the most northern extent of New Found Gold's ( NFGC ) Queensway project and is on trend with numerous discoveries made further south along the Appleton Fault Zone.

"This northern segment of [Appleton] has produced several early discoveries while significant stretches across this high-priority corridor remain unexplored providing a multitude of near-surface targets and discoveries with growth potential that will be a focus of our 2025 exploration program," Boyle said.

New Found Gold's ( NFGC ) share price rose 5.3% on Monday to $2.59 on the TSXV.